On-chain data shows that Tron (TRX) founder Justin Sun, along with an unknown crypto whale, have amassed massive amounts of Ethereum (ETH) over the past two weeks.
Blockchain tracking company Lookonchain reports that Sun and another entity with deep pockets have acquired more than $182 million worth of Ethereum since December 26.
First, Lookonchain notes a wallet starting with 0x9314 that has purchased a total of $143 million worth of ETH from a decentralized exchange (DEX) since New Year’s Day.
“Whales collect ETH!
Whale ‘0x9314’ spent $48 million to buy 21,192 ETH ($2,265) from the DEX… and has purchased 79,980 ETH ($143 million) since January 1.”
In addition, the company saw that Sun withdrew a total of $39.2 million worth of ETH from Binance since December 26, probably in cold storage for the time being.
“Justin Sun has withdrawn 11,267 ETH ($25.3 million) from Binance since December 26… and 17,433 ETH ($39.2 million) from Binance.”
On the other hand, Lookonchain has also tracked crypto-focused venture capital firm Paradigm sending large amounts of ETH to US crypto exchange Coinbase, where it could potentially be sold on the open market.
According to Lookonchain, Paradigm is a master at accumulating ETH when prices are cheap and selling during rallies.
“It appears that Paradigm has deposited 6,500 ETH ($14.67 million) into Coinbase…
Paradigm is very smart, collecting ETH in bear markets and selling ETH in bull markets.”
At the time of writing, ETH is trading at $2,248.
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Generated image: Midjourney